San Diego Padres near record $3.9B sale to Jose E. Feliciano and Kwanza Jones

The San Diego Padres are close to being sold for a record $3.9 billion to investor Jose E. Feliciano and his wife Kwanza Jones, according to international media reports on Friday.

The valuation would comfortably surpass the previous Major League Baseball record of $2.4 billion paid for the New York Mets in 2020.

The deal still requires approval from 75% of MLB club owners, with votes expected at the league’s June meetings. The Wall Street Journal first reported Feliciano is expected to serve as the controlling owner.

Feliciano is co-founder and managing partner of Clearlake Capital, a California-based private equity firm. He was part of the consortium that acquired Chelsea Football Club in 2022 for $5.24 billion alongside Todd Boehly, owner of the Los Angeles Dodgers.

According to reports, the bidding process included Detroit Pistons owner Tom Gores, Golden State Warriors owner Joe Lacob, and Dan Friedkin, who owns Premier League side Everton.

The Seidler family put the franchise up for sale following the death of principal owner Peter Seidler in 2023. 

Originally bought in 2012 for $800 million, the club became contenders with payrolls above $200 million and stars including Manny Machado and Fernando Tatis Jr, driving strong attendance at Petco Park.

However, the club has faced challenges, including an ownership dispute and loss of its local media rights deal, which has affected revenues despite significant debt tied to the valuation.

MLB owners are expected to review the deal in June.